Board Structure and Firm Performance: Evidence from Colombia
This paper studies the board structure and firm performance across 77 equity issuer corporations in Colombia for the 1998-2004 period. The sample is formed by 47 holding firms belonging to the top-two largest local conglomerates in the country, and 30 independent firms that were included as a contro...
- Autores:
-
Fortich, Roberto
Gutiérrez Ramírez, Luis Hernando
Pombo Vejarano, Carlos
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2008
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- spa
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/46379
- Acceso en línea:
- http://hdl.handle.net/1992/46379
- Palabra clave:
- Board independence
Corporate governance
Firm value
Colombian corporations
Gobierno corporativo - Colombia
Directores de compañías - Colombia
Corporaciones - Colombia
Administración
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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|
dc.title.none.fl_str_mv |
Board Structure and Firm Performance: Evidence from Colombia |
dc.title.alternative.none.fl_str_mv |
Estructura de juntas directivas y desempeño corporativo: evidencia de Colombia |
title |
Board Structure and Firm Performance: Evidence from Colombia |
spellingShingle |
Board Structure and Firm Performance: Evidence from Colombia Board independence Corporate governance Firm value Colombian corporations Gobierno corporativo - Colombia Directores de compañías - Colombia Corporaciones - Colombia Administración |
title_short |
Board Structure and Firm Performance: Evidence from Colombia |
title_full |
Board Structure and Firm Performance: Evidence from Colombia |
title_fullStr |
Board Structure and Firm Performance: Evidence from Colombia |
title_full_unstemmed |
Board Structure and Firm Performance: Evidence from Colombia |
title_sort |
Board Structure and Firm Performance: Evidence from Colombia |
dc.creator.fl_str_mv |
Fortich, Roberto Gutiérrez Ramírez, Luis Hernando Pombo Vejarano, Carlos |
dc.contributor.author.none.fl_str_mv |
Fortich, Roberto Gutiérrez Ramírez, Luis Hernando Pombo Vejarano, Carlos |
dc.subject.keyword.none.fl_str_mv |
Board independence Corporate governance Firm value Colombian corporations |
topic |
Board independence Corporate governance Firm value Colombian corporations Gobierno corporativo - Colombia Directores de compañías - Colombia Corporaciones - Colombia Administración |
dc.subject.armarc.none.fl_str_mv |
Gobierno corporativo - Colombia Directores de compañías - Colombia Corporaciones - Colombia |
dc.subject.themes.none.fl_str_mv |
Administración |
description |
This paper studies the board structure and firm performance across 77 equity issuer corporations in Colombia for the 1998-2004 period. The sample is formed by 47 holding firms belonging to the top-two largest local conglomerates in the country, and 30 independent firms that were included as a control group. The paper presents for first time measures of board governance proxies such as independence, rotation, and members interlocking for this emerging market. Measurement results show that board independence is lower that international standards. Nonetheless, for the control group the mean is similar to levels reported for the US and India cases. Regarding interlocks of members, the study finds that on average in 1/4 of the sample, boards have at least one member that is a CEO of another firm, and more important is the fact that 1/5 of the firms there were reciprocal CEO's interlocking. Econometric results show that board independence has a positive effect on firms' valuation meanwhile higher board turnover rates have a negative effect on a firm's performance. |
publishDate |
2008 |
dc.date.issued.none.fl_str_mv |
2008 |
dc.date.accessioned.none.fl_str_mv |
2020-09-21T15:19:00Z |
dc.date.available.none.fl_str_mv |
2020-09-21T15:19:00Z |
dc.type.spa.fl_str_mv |
Documento de trabajo |
dc.type.coarversion.fl_str_mv |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
dc.type.driver.spa.fl_str_mv |
info:eu-repo/semantics/workingPaper |
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http://purl.org/coar/resource_type/c_8042 |
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Text |
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1900-1606 |
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http://hdl.handle.net/1992/46379 |
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instname:Universidad de los Andes |
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reponame:Repositorio Institucional Séneca |
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repourl:https://repositorio.uniandes.edu.co/ |
identifier_str_mv |
1900-1606 instname:Universidad de los Andes reponame:Repositorio Institucional Séneca repourl:https://repositorio.uniandes.edu.co/ |
url |
http://hdl.handle.net/1992/46379 |
dc.language.iso.es_CO.fl_str_mv |
spa |
language |
spa |
dc.relation.ispartofseries.none.fl_str_mv |
Galeras de Administración, No. 19 |
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http://creativecommons.org/licenses/by-nc-nd/4.0/ |
dc.rights.accessrights.spa.fl_str_mv |
info:eu-repo/semantics/openAccess |
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http://purl.org/coar/access_right/c_abf2 |
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http://creativecommons.org/licenses/by-nc-nd/4.0/ http://purl.org/coar/access_right/c_abf2 |
eu_rights_str_mv |
openAccess |
dc.format.extent.none.fl_str_mv |
38 páginas |
dc.format.mimetype.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidad de los Andes |
dc.publisher.faculty.none.fl_str_mv |
Facultad de Administración |
publisher.none.fl_str_mv |
Universidad de los Andes |
dc.source.es_CO.fl_str_mv |
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Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Fortich, Roberto55fea097-f348-4491-94f0-3378bda0041a600Gutiérrez Ramírez, Luis Hernando0582fb5e-ad8a-4f62-acc0-2b2e18abe657600Pombo Vejarano, Carlos98856002020-09-21T15:19:00Z2020-09-21T15:19:00Z20081900-1606http://hdl.handle.net/1992/46379instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/This paper studies the board structure and firm performance across 77 equity issuer corporations in Colombia for the 1998-2004 period. The sample is formed by 47 holding firms belonging to the top-two largest local conglomerates in the country, and 30 independent firms that were included as a control group. The paper presents for first time measures of board governance proxies such as independence, rotation, and members interlocking for this emerging market. Measurement results show that board independence is lower that international standards. Nonetheless, for the control group the mean is similar to levels reported for the US and India cases. Regarding interlocks of members, the study finds that on average in 1/4 of the sample, boards have at least one member that is a CEO of another firm, and more important is the fact that 1/5 of the firms there were reciprocal CEO's interlocking. Econometric results show that board independence has a positive effect on firms' valuation meanwhile higher board turnover rates have a negative effect on a firm's performance.Este artículo estudia la estructura de las juntas directivas y el desempeño de las firmas con base a una muestra de 77 grandes corporaciones del sector real en Colombia para los años de 1998 a 2004. La muestra está conformada por 47 firmas afiliadas a los dos principales conglomerados domésticos y 30 firmas independientes que fueron incluidas como grupo de control. Esta investigación presenta por primera vez para Colombia mediciones de gobernabilidad en juntas como son las variables de independencia, rotación, y miembros con múltiples asientos (interlockings). Los resultados muestran que la independencia es menor a los estándares internacionales. Sin embargo, para el grupo de control la media es similar a los niveles reportados para los Estados Unidos y la India. En relación con los múltiples asientos de miembros, este estudio encuentra que en promedio en 1/4 de la muestra, las juntas tienen al menos un miembro que es presidente de otra firma, y más importante es el hecho que 1/5 de las firmas hubo relaciones recíprocas de los presidentes como miembros de los directorios. Los resultados econométricos muestran que juntas más independientes tienen un efecto positivo sobre la valoración empresarial y altas tasas de rotación tienen un efecto negativo sobre el desempeño de las firmas.Introduction. Theoretical Framework. Data and methodology. Results. Conclusions. References. Appendix.38 páginasapplication/pdfspaUniversidad de los AndesFacultad de AdministraciónGaleras de Administración, No. 19instname:Universidad de los Andesreponame:Repositorio Institucional SénecaBoard Structure and Firm Performance: Evidence from ColombiaEstructura de juntas directivas y desempeño corporativo: evidencia de ColombiaDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPBoard independenceCorporate governanceFirm valueColombian corporationsGobierno corporativo - ColombiaDirectores de compañías - ColombiaCorporaciones - ColombiaAdministraciónFacultad de AdministraciónPublicationTHUMBNAILGaleras-de-administración-19.pdf.jpgGaleras-de-administración-19.pdf.jpgIM Thumbnailimage/jpeg18632https://repositorio.uniandes.edu.co/bitstreams/2773414a-67ef-4f2c-b35c-9bb5d3ce2b13/download2e0cecebcaf6a9811bce342e5b2ec772MD55TEXTGaleras-de-administración-19.pdf.txtGaleras-de-administración-19.pdf.txtExtracted texttext/plain80742https://repositorio.uniandes.edu.co/bitstreams/28b2cc44-0c86-4c2e-ba4a-7df5c7783feb/download8b39402257c693a57de88f75aad35794MD54ORIGINALGaleras-de-administración-19.pdfGaleras-de-administración-19.pdfapplication/pdf6123270https://repositorio.uniandes.edu.co/bitstreams/470d124e-2f90-4093-b6cf-aa6356d87212/download3f11e10621add1f4046795cf86883336MD511992/46379oai:repositorio.uniandes.edu.co:1992/463792023-10-10 17:19:23.136http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co |